Momentum is building to require California high schoolers to learn how to manage money

California is moving closer toward requiring all public school students to learn how to manage their money — read a pay stub, balance a checking account, use credit cards wisely, save for the future and avoid scams. “The pace at which Californians signed on to this measure, which would guarantee California high school students a personal finance course prior to graduation, is a testament to the popularity of this commonsense ballot proposition,” said Ranzetta, who ran one business that specialized in corporate research and another that provided document shredding services. Taking a finance class in high school can help students make smart money decisions that will benefit them throughout their adult life.” Under the bill, high school students would be required to complete one semester of a financial literacy class. Berkeley High School teacher Crystal Rigley Janis teaches both economics and a yearlong financial literacy course and said there is a place for both. The Center for Financial Literacy at Champlain College gave California an F in the topic: “Personal finance is not included in the graduation requirements, either as a stand-alone course or embedded in another course, and schools are not required to offer financial literacy courses.” Researchers gave California some credit because the state education department offers “a robust list of financial literacy resources.” In addition, the state’s CalMoneySmart program provides annual grants of up to $200,000 to nonprofit organizations to “provide financial education and financial empowerment programs and services for unbanked and underbanked Californians.” A recent report by the consulting firm Tyton Partners concluded that the lifetime benefit for California students of taking a one-semester high school personal finance course is $127,000 — although such figures are hard to prove and ultimately abstract to the real-world experience of young adults.